Forex Flash: EUR/USD correction lower not over yet - Commerzbank

The EUR/USD bounce after falling through its accelerated uptrend “was not enough to convince us that the market is ready to resume its up move”, said analyst Karen Jones, noting the 5th of a 5th Elliott wave count on the daily chart, the 13 count on the 240 minute chart, which makes Commerzbank analysts wary of a deeper corrective phase: “We would allow for a slide towards the 1.3270/56 zone (16th Jan low and the 61.8% retracement)”, said Jones, adding that “we suspect that this was a false break above 1.3485/1.3564”. There is support at 1.3202 and key support at 1.3125 6 month uptrend.

Feb 6, 2013

Forex: NZD/USD recovers slightly after brush with support

Just when it seemed the NZD/USD had regained some stability during overnight trading, the pair once again turned negative, falling 20 pips in recent moments to hit a session low of 0.8411 during European trading. After falling below this supportive mark however, the cross rebounded slightly to the 0.8421/28 region to operate presently down -0.31% Wednesday.

Forex: EUR/JPY trades lower in Europe, capped at 127.70

Despite the Yen selloff during the Asian shift that allowed a move to 127.70 high, the EUR is weaker too and overshadowed the JPY selloff, pushing the EUR/JPY lower on the day. The cross has reached as low as 126.53 ahead of the European session, but has just bounced back to the 127.00 mark (-0.15% on the day).